Trade of the Day: CAD/CHF

By: Dima Chernovolov

CAD/CHF recently broke the key resistance level 0.7405, which was previously identified by Autochartist. Autochartist measures the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. CAD/CHF is expected to continue to rise toward the forecast price 0.7424.

As can be seen from the daily CAD/CHF chart below – the price earlier reversed up from the support area located between the key support level 0.7365 (former strong resistance from January), 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from February. The proximity of this support area adds to the probability CAD/CHF will continue to rise toward the forecast price 0.7424